The Bank of Thailand has released a Consultation Paper on Virtual Bank Licensing Framework which sets out a regulatory framework for virtual banks. These new financial service providers are expected to have expertise in technology, digital services, and data analytics and serve the specific needs of underserved and unserved segments of retail and SME customers. Virtual banks will be subject to the same regulations and supervision as traditional commercial banks and will be monitored closely to ensure sustainable business operations without posing systemic risks. The BOT invites comments and suggestions on the proposed framework by 12 February 2023.
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